Intralot has announced it has reached a binding agreement with Saga Consultoria e Representações Comerciais e Empresariais (Saga) in Brazil to sell its entire stake in Intralot do Brasil Comércio de Equipamentos e Programas de Computador LTDA (Intralot do Brasil), representing 80% of the company’s voting capital.
Saga is the only other shareholder of Intralot do Brasil, holding 20% of the company. Intralot stated it will continue to provide its gaming technology to Intralot do Brasil following the closing of the transaction. The total cash consideration for the stake sale amounts to €700,000.
The lottery operator noted that the closing of this transaction is subject to the completion of certain condition precedents, and it will follow up with further announcements upon definite finalization of the transaction, as required by regulation.
Earlier this month, Intralot Group published its financial results for the 2020 fiscal year, with Chairman and CEO Sokratis P Kokkalis noting that the group’s lottery and sports betting industries were significantly impacted by the COVID-19 pandemic.
For the 12 month period which ended on December 31, 2020, the lottery operator declared a group revenue of €364.8m, a 16.6% decrease on FY19’s €437.3m. Lottery Games was the largest contributor, comprising 60.6% of its total revenue.
Intralot maintained its EBITDA in FY20, however, recording €66.2m, a 2.5% increase on the previous year’s €64.6m, while adjusted EBITDA came in at €55.8m, a 5.9% improvement on 2019’s €52.7m. Its pandemic impact estimation for 2020 is in the vicinity of €25m of its EBITDA level.
Intralot do Brasil contributed 0.5% of Intralot Group EBITDA in 2020.
